MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world9 hours ago
I have been working in a multinational company for the last five years. Just last month, my company terminated about 200 staff members and more terminations are expected. I currently have a loan with a UAE bank that is to be repaid in 47 months. If my company terminates me, is there any way legally to put the payments on hold. Would I be able to legally get a new job in Dubai and change my visa with an outstanding bank loan?
The bank will consider repayment of a bank loan and your employment as two unrelated issues and repayment of bank loan should not relate to your employment. Once you avail a loan from a bank, you are liable and responsible to pay the installments on timely basis even if you are not employed. There is no legal option available to put the loan repayment installments on hold if the borrower loses his employment, unless the bank agrees to put on hold repayment of loan installments.
KNOW THE LAWNormally, there shall be no hindrance in change of your employment visa status to a new employer even though you have an outstanding bank loan provided you take the bank in confidence of such a change by providing them with necessary information related to your new employment. |
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